An ordinary annuity selling at $14,130.15 today promises to make equal payments at the end of each year for the next twelve years (N). If the annuity's appropriate interest rate (1) remains at 8.00 % during this time, the annual annuity payment (PMT) will be You just won the lottery. Congratulations! The jackpot is $85,000,000, paid in twelve equal annual payments. The first payment on the lottery jackpot will be made today. In present value terms, you really won assuming annual interest rate of 8.00%. ( Note: Round intermediate calculations to the nearest whole number.) Grade it Now Save& Continue Continue without saving Back to Assignment Attempts Keep the Highest: 12 14. Implied interest rate and period Consider the case of the following annuities, and the need to compute either their expected rate of return or duration. David needed money for some unexpected expenses, so he borrowed $3,695.17 from a friend and agreed to repay the loan in five equal installments of $950 at the end of each year. The agreement is offering an implied interest rate of David's friend, Keanu, has hired a financial planner for advice on retirement. Considering Keanu's current expenses and expected future lifestyle changes, the financial planner has stated that once Keanu crosses a threshold of $7,796,223 in savings, he will have enough money for retirement. Keanu has nothing saved for his retirement yet, so he plans to start depositing $70,000 in a retirement fund at a fixed rate of 9.00 % at the end of years for Keanu to reach his retirement goal. each year. It will take